Ethereum price is heading towards the $ 3,000 mark. There, ETH could start a very important rebound.
Ethereum price is close to strong support at $ 3,000
Ethereum’s price was rejected by the 50-day moving average (MA) at around $ 4,000, after bouncing off the Golden Ratio to around $ 3,500. It then fell under the support of the Golden Ratio as well as the 200-day MA at $ 3,500.
Ethereum is therefore heading towards Fibonacci support at around $ 3,000. There is another important support for the Golden Ratio as well as the 0.382 Fibonacci support. The MACD is bearish in the daily chart as the RSI gradually reaches oversold regions.
ETH price is already meeting resistance at the 200-day MA level, around $ 3,500. If it breaks above that level, the next resistance awaits it at the 200-day MA, which is located around $ 4000.
If Ethereum bounces back to the $ 3,000 level, it still has a chance to initiate a bullish reversal in its trend. On the contrary, if it falls below this zone, it could trigger a bear market for the asset. In this case, ETH could even drop a floor lower.
Ethereum price could rebound strongly to MA over 50 weeks
Ethereum could rebound very strongly at the level of the 50 week MA, which passes through the two Fibonacci supports at around $ 3,000. However, the weekly MACD is also not showing a bullish sign. On the contrary, the MACD lines are crossed on the downside and the histogram is also bearish.
In the event that the course drops below the $ 3,000 mark
If Ethereum crosses the $ 3,000 mark, it will find massive support no later than around $ 1,300. This is where not only a large Fibonacci level is found, but also the 200 week AD as well as the 50 month AD.
Ethereum fails to break through Golden Ratio resistance
In its BTC pair, Ethereum’s price has just suffered a rejection at the Golden Ratio level, at around 0.085 BTC. ETH could fall back to the Fibonacci support 0.382 to 0.056 BTC or even the Golden Ratio located at 0.05 BTC.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.